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Xero Announces 83% Growth This Fiscal Year

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Xero reported 83 percent revenue growth from last year for the company’s fiscal year ended March 31, 2014, with operating revenue increasing to $57.6 million.

The online accounting software provider also reported that annualized customer committed subscriptions rose by 87 percent to $80.6 million.

Other highlights of the fiscal year, according to Xero, include the $150 million raised in funding, new product launches like Payroll in Xero and Xero’s QuickBooks Conversion, and the executive appointments of Peter Karpas as CEO of North America, Chris Liddell as chairman of the board and Bill Veghte as director of the board.

Additionally, Xero announced integrations with Square, Stripe, Manilla, Squarespace and Expensify.

"Our investments in technology, operations and partnerships are paying off, as evidenced by our growth," stated Karpas. "But our core success lies in the fact that we work closely with our customers to better understand their pain points and create beautifully-designed tools that take the dread and hassle out of accounting. We've also created an ecosystem like no other that lets business owners choose best-in-class add-on apps that, when integrated with Xero, give them a holistic, real-time view of their finances so they can make better business decisions."

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